Microfinance Ireland

NEW COVID-19 Business Loan Scheme

MFI

Zero repayments for first 6 months and the equivalent of 12 months interest-free subject to certain terms and conditions*

The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current challenges and protect job creation and sustainment in Ireland.

If your business has been impacted by COVID-19 resulting in a reduction of 15% or more in turnover or profit, and you are unable to secure finance from banks and commercial lending providers, the MFI COVID-19 Business Loan may be an option to help your business.

Loans can be used for working capital or changes required by the business to manage COVID19.

Product Features:

  • Business Loans from €5,000 to €25,000
  • First 6 months – 0% interest and zero repayments
  • Repayments will commence in month 7 for the remaining period of your loan.
  • Government rebate for the interest paid in the following 6 months (months 7-12 of your loan)
  • Interest rate after the first 6 months will be: a reduced interest rate of 4.5% APR if submitted through the Local Enterprise Office Network (or other referral partners) or 5.5% APR if you apply directly
  • Loan terms typically up to 3 years
  • No fees or charges
  • Fixed repayments with no penalty for early repayment

*Terms & Conditions:

  • The maximum loan amount is €25,000 for all applicants. Existing MFI customers can apply for up to €25,000, in addition to existing borrowings subject to a maximum credit exposure of €50,000.
  • The Government rebate of the equivalent of 6 months interest will be refunded automatically, directly to your bank account, in Month 13 of the loan period. This interest rebate will only be made if the full 6 repayments including interest have been made in the previous 6 months. No interest rebate is payable if this condition is not met.
  • By exception, capital expenditure may be funded up to 5 years.

Eligibility:

  • Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m and was trading prior to the coronavirus pandemic in Ireland
  • Unable to secure finance from the Bank or commercial lending provider
  • The business has been impacted by COVID19 resulting in a 15% or more reduction in turnover or profit.

Register Your Details

MFI Mentoring

The Local Enterprise Office South Dublin offers MFI mentoring. This is aimed at assisting with the MFI application.

If you wish to apply for assistance with your MFI application from a business mentor, please complete the application form here.